Analyst Scott Berg commented, "Pros reported another strong execution quarter with subscription bookings, subscription revenues and cost controls that exceeded expectations. New ARR bookings as a percent of new ACV were its highest to date through the Cloud transition which we believe is a strong indication that Y/Y revenue growth optics will trough in 4Q or 1Q17 enabling acceleration throughout FY18. We like the company's intentions to start a migration program as we believe customer conversions could pick up steam in FY17 that can drive incremental revenue upside in 2H17 and FY18. We raise our PT to $25 believing the optics acceleration will drive valuation more towards 4.5x EV/FY17 revenues or 3.5x our preliminary FY18 estimates which is historically more in line with like companies exiting the trough phase of the Cloud transition."

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